Explanation
BACKGROUND:The Economic Development Plan, resulting from the Rocky Fork-Blacklick Accord, was created to address public infrastructure needs in the affected planning area. The properties within the planning area have been targeted for development and public improvements will be necessary to ensure that development within the area is adequately served by utilities, roadways and other forms of infrastructure.
The City of Columbus desires to create Tax Increment Financing (TIF) Districts under Ohio Revised Code Sections 5709.40, 5709.42 and 5709.43 to pay for certain public infrastructure improvements and to otherwise support the Rocky Fork Blacklick Accord Economic Development Plan while protecting the Columbus City School District from any loss of tax revenues.
The payments in lieu of taxes provide for payment to the Columbus City School District for its portion of service payments, establishes the City Municipal Improvement Tax Equivalent fund for the deposit of the remainder of service payments and authorizes the Director of Development to execute one or more Tax Increment Financing and Development Agreements between the City of Columbus and developers or owners.
FISCAL IMPACT: No funding is required for this legislation.
Title
An Ordinance declaring improvements to certain parcels of real property within the Rocky Fork Blacklick Accord Economic Development Plan Area to be a public purpose, requiring the owners thereof to make service payments in lieu of taxes, providing for the payment to the Columbus City School District of its portion of those service payments, establishing a municipal public improvement tax equivalent fund for the deposit of the remainder of those service payments with the City and authorizing the Director of the Department of Development to execute one or more Tax Increment Financing and Development Agreement for infrastructure improvements to benefit the development of Rocky Fork Blacklick Accord Economic...
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